2. Set the password for the User created above :set password for 'udimagic'@'localhost' = old_password('udimagic2');
3. Grant access to the user for your database (assuming the database name is tally) :grant all on tally.* to 'udimagic'@'localhost'

(1) Create a group named "My Bank Accounts" under Primary; Nature Of Group: Liabilities
(2) Next, create a ledger named "Axis" under the group "My Bank Accounts"
(3) Next, create a payment voucher as show below :

Rs 500-Dr-------Petrol Expenses
Rs 500-Cr-------Axis

PS:Tally does not allow you to save the payment voucher and a message "No cash or bank ledger credited" is displayed.

(4) Next, change / modify the ledger named "Axis" and set its parent / group as "Bank Accounts"
(5) Again, try creating a payment voucher as mentioned in point 3.

Still, you are not allowed to save the payment voucher and the same error message is displayed. This happens inspite of fact that we had modified the ledger "Axis" with correct group.

Solution suggested by Tally Solutions, Bangalore

In Gateway of Tally, press Ctrl+Alt+R. Select your Company and re-write the data. After this, the payment voucher can be entered/posted.